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BAJAJ Allianz General Insurance Company Limited Logo
ICICI Lombard General Insurance Company Limited Logo
TATA AIA Life Insurance Company Limited Logo
Future Generali India Life Insurance Company Limited Logo
SBI Life Insurance Company Limited Logo
HDFC ERGO General Insurance Company Limited Logo
IFFCO TOKIO General Insurance Company Limited Logo
ICICI Prudential Life Insurance Company Limited Logo
Canara HSBC Oriental Bank of Commerce Life Company Limited Logo
HDFC Life Insurance Company Limited Logo
Edelweiss General Insurance Company Limited Logo
Liberty General Insurance Company Limited Logo
National Insurance Company Limited Logo
Oriental Insurance Company Limited Logo
The New India Assurance Company Limited Logo
PNB MetLife India Insurance Company Limited Logo
RAHEJA QBE General Insurance Company Limited Logo
RELIANCE General Insurance Company Limited Logo
SBI General Insurance Company Limited Logo
Royal Sundaram General Insurance Company Limited Logo
Shriram General Insurance Company Limited Logo
Universal Sompo General Insurance Company Limited Logo
Go Digit General Insurance Company Limited Logo
United India Insurance Company Limited Logo
TATA AIG General Insurance Company Limited Logo
Aditya Birla Capital Company Limited Logo
Kotak Mahindra Life Insurance Company Limited Logo
Manipal Cigna Health Insurance Company Limited Logo
Bharti AXA Life Insurance Company Limited Logo
Niva Bupa Health Insurance Company Limited Logo
Aditya Birla Health Insurance Company Limited Logo

Why Life Insurance Policy?

Human life is subject to risks of death and disability due to natural and accidental causes. A life insurance policy helps to minimize the risk of financial difficulties which would be faced by the families in case of the sudden death of the policyholder. Life insurance is one of the most important financial planning tools available in the market. It is necessary of having life insurance in these hard times of covid-19; the pandemic has bought many uncertainties in the life of the common person. So, there is anything that is needed badly in this situation, it is none other than life insurance.

What Is Life Insurance Policy?

Life insurance is a contract between the insured customer and the insurance company in which the life insurance company assures to cover the life of the insured customer or promises to take care of the investment and returns in addition to the life coverage, in return for a periodical amount known as “Premium”. Life insurance is an agreement that is legally enforceable in a court of law. The parties to the life insurance contract should declare the basic facts which could affect the life insurance policy contract.

Reasons To Buy Life Insurance Policy

Risk Cover

Life Insurance is a tool to cover the risk associated with death. In life insurance, term cover is the basic product that provides cover for a certain term at affordable premiums.

Looking after your loved ones when your absence

A life insurance policy helps to minimize the risk of financial difficulties which would be faced by the families in case of the sudden death of an insured.

Achieve long-term goals

Life insurance helps you achieve your long-term goals such as buying a home or planning your retirement, child education, traveling abroad, etc.

Peace of Mind

Death is unavoidable. In the case of your absence, your family may face financial difficulties so the least you can do for your family is to secure their financial future with a life insurance policy.

Benefits Of Life Insurance Policy

Life insurance provides life cover that protects you and your family in case of an unexpected event happens. Some of the benefits of life insurance in India are

Financial Security

A life insurance policy helps to minimize the risk of financial difficulties which would be faced by the families in case of the sudden death of the policyholder. According to the life insurance definition, the insurance provider agrees to pay the nominee or beneficiary the pre-defined sum assured. As a result, even in the policyholder’s absence, his family stays protected.

Long Term Savings

Apart from life insurance cover some life insurance plans also offer you the opportunity to create wealth. If one wants to make long-term investments, it’s important to think about life insurance meaning. Such insurance plans help you make systematic savings and create wealth that can be used for your future goals.

Tax Savings

Life insurance offers tax dual benefits under prevailing laws as per Income Tax Act, 1961. The life insurance premium paid can be availed as a tax deduction under section 80C. You can avail of a deduction of up to Rs.1.5 lakh under Section 80C of the Income Tax Act. The maturity insurance plans may be completely tax-free. This tax benefit is under Section 10(10D) of the Income Tax Act.

Save Money

The life insurance policy gives financial security to the family of the policyholder. The premium paid by the customer is depending on age, life expectancy, and health, and gender. Life insurance gives you the ability to stick at low premium rates while you’re young. If you buy the same policy when you are older, you will be paying a much higher premium compared to if you bought the same plan when you were younger.

Advantages And Disadvantages Of Life Insurance Policy

Life insurance is one of the best planning tools available in the market. Life insurance provides protection and financial security to your loved ones there are many life insurance advantages and disadvantages which are discussed below:

Life Insurance Advantages

The main advantages of life insurance policy are

  • Return on Investment: Many life insurance products in India provide decent returns as well as bonuses. Also, life insurance is considered as one of the safest tools for investment as the money invested is returned to you or your family at the time of maturity or as a death benefit.
  • Additional Coverage: Additional coverage is also called riders. The riders allow you to increase the coverage and get comprehensive coverage. Riders may include coverage against personal accident, waiver of premium payments, critical illness, loss of income due to a disability, etc.
  • Death Benefit: In case of any unexpected event to you, which results in the loss of income to the family, the insurance company provides compensation in the form of the death benefit to the family.
  • Loan availability: In the event of any emergency loan can be availed against your life insurance policy. These days almost all insurance companies are providing this option. When you apply for a loan a certain amount of your sum assured is provided as a loan amount.
  • Retirement Income: Life insurance policies can also be taken for regular income after retirement. These policies are called annuity policies and are available with every life insurance company.

Life Insurance Disadvantages

The main disadvantages of life insurance are

  • High premium for aged people: The higher the age the higher would the premium to be paid in the life insurance. This is due to the simple fact that the risk increases with the age so is the premium.
  • Difficult to calculate the returns: The returns on the life insurance policies are quite complicated and it is highly difficult to predict the returns. The returns from life insurance are purely based on market conditions and performance.
  • Exclusions, Hidden clauses: Any financial product available in the market certainly has some exclusions and hidden clauses incorporated into it. It is your responsibility to find out those clauses and choose the right life insurance policy.
  • Avoid Paying the Benefits: There are many insurance companies not paying the sum assured or the death benefit to the policyholder or the nominee. A lot of times, the insurance company uses various tricks to avoid paying the benefits even after the maturity of the policy.

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